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Fiscal Policy To The Rescue

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  • Wynne Godley

Abstract

The U.S. expansion of the past eight years has been fueled by a rise in private sector indebtedness. In 1997 U.S. private sector spending exceeded income for the first time since 1952, and since then the gap between the two has risen markedly. The situation closely mirrors that experienced in the United Kingdom during the 1980s, when a two-year slowdown resulted in absolute declines in GDP and a three-percentage-point increase in the unemployment rate.

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  • Wynne Godley, "undated". "Fiscal Policy To The Rescue," Economics Policy Note Archive 01-1, Levy Economics Institute.
  • Handle: RePEc:lev:levypn:01-1
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    File URL: http://www.levyinstitute.org/pubs/pn/pn01_1.pdf
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    Cited by:

    1. Wynne Godley & Alex Izurieta, 2004. "The US economy: weakness of the "strong" recovery," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 131-139.
    2. Wymme Godley & Alex Izurieta, 2009. "The US economy: weaknesses of the "strong" recovery," PSL Quarterly Review, Economia civile, vol. 62(248-251), pages 93-101.
    3. Dimitri B. Papadimitriou & L. Randall Wray, "undated". "Are We All Keynesians (Again)?," Economics Policy Note Archive 01-10, Levy Economics Institute.
    4. Philip Arestis & Malcolm Sawyer, 2003. "The Case for Fiscal Policy," General Economics and Teaching 0306005, EconWPA.
    5. L. Randall Wray, "undated". "The Backward Art of Tax Cutting," Economics Policy Note Archive 01-5, Levy Economics Institute.
    6. Wynne Godley & Alex Izurieta, 2004. "The US economy: weakness of the "strong" recovery," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 131-139.

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